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Economist / Nina / Linking Iraq to the global Swift system will monitor the quality of the Iraqi banking system
Wednesday 22 February 2023 08:00 | Economical
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Baghdad / NINA / - The expert in economic affairs, Safwan Qusay, confirmed that linking Iraq to the global Swift system will monitor the quality of the Iraqi banking system.
Qusai said in a statement to the National Iraqi News Agency ( NINA ) that "
it is clear that Iraq will comply with the requirements of the US federal system and the international remittance system, given that
the process of securing international transfers will contribute to enhancing confidence in the Iraqi banking system and thus attracting investment and creating job opportunities for Iraqis." He added that
the process of linking Iran's economy to the sanctions and the attempt to export Iranian goods to the Iraqi interior without external transfer, in my estimation, contributed to an increase in the exchange rate in the parallel market, given that
Iranian goods are sold in Iraqi dinars, and then the dollar is bought from the parallel market and an attempt is made to extract the dollar by several means, indicating that
Previously, the transfer process was carried out by following a system of transfers to secondary correspondent banks and inflated bills for prices that contribute to taking out the Iraqi dollar without bringing goods or services. checked daily.” He added that
the Iranian side should demand the organization of trade with Iraq through the US Federal Reserve to buy Iran's economic needs through a clear trade system between Iraq and Iran in order for us not to be subject to US sanctions because the violation of sanctions on the Iraqi side could lead to subjecting the Iraqi banking system to sanctions.
Certainly, securing trade will be followed by the process of establishing a new base for importers to Iraq, and this system will certify the quality of the Iraqi banking system.”
A member of the Iranian Chamber of Commerce, Ali Shariati, confirmed that linking Iraq to “Swift” hinders Iran’s circumvention of sanctions.
Iran’s Arabic website quoted Shariati as saying :
Soon, Iraq will be linked to the global Soviet system of financial courtship, and
this matter will deprive us of some ways to circumvent the US sanctions imposed on us. And Shariati continued:
We have to increase the volume of our trade exchange with Iraq and China and work to enhance our exports to the rest of the world. / End 8
https://ninanews.com/Website/News/Details?key=1035917
